The world’s largest cannabis firm, Tilray, has announced plans for an IPO on the South African Stock Exchange. It also plans to expand its business into the cultivation and sale of magic mushrooms in Canada.
The trippy mushroom art is a company that plans to expand into South Africa, with an IPO.
After becoming the first South African business to gain the license to produce, process, and package cannabis products, Cilo Cybin Pharmaceutical Ltd. is contemplating an initial public offering in the next 12 months.
The South African Health Products Regulatory Authority granted the company the necessary accreditation after it was named after the hallucinogenic chemical found in magic mushrooms. In an interview, founder and CEO Gabriel Theron said that the company would now be allowed to manufacture marijuana for sale to customers all around the globe.
Theron, 40, stated at Cilo Cybin’s operations outside Pretoria, “The goal for the next 12 months is to go public.” “We are considering a dual listing, with the primary board being the Johannesburg Stock Exchange and a secondary listing in Luxembourg or another European bourse.”
The funds will be used in part for its cannabis company, which employs a powerful South African strain known as Durban Poison, which has high amounts of tetrahydrocannabinol, or THC, the primary psychoactive ingredient. It will also be utilized to create other activities such as biohacking, which is the practice of improving one’s health by utilizing applications or supplements.
While the cannabis business has been legalized in a number of nations, firms are banking that the market for psychedelics will follow suit. Cilo Cybin has filed for a research permission to investigate the applications of psilocybin, a magical mushroom ingredient.
“Psychedelics can be used for antidepressants, post-traumatic stress, anxiety — I really believe it will be a lot larger than cannabis,” the CEO said.
Cilo Cybin has constructed a high-tech indoor growing facility capable of producing about 100 kilograms (220 pounds) of cannabis flour each month. At wholesale, this costs between $2 and $4 per gram.
According to Theron, the business can also manufacture cannabis oil, which is used to treat diseases such as cancer and sells for about $100 per milliliter.
South Africa has issued 28 cannabis licenses and has achieved some regulatory progress in the sector’s development. The environment in the area is ideal for producing high-quality products at a cheap cost.
Cilo Cybin is negotiating numerous international agreements to allow distribution in Australia, Brazil, the United Kingdom, sections of Europe, and Israel now that the business is authorized to export cannabis, according to Theron. He also said that the company has research and development partnerships with colleges and institutions that would get royalties once the goods are launched.
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